Bitcoin is out to prove that the scaling debate is a thing of the past.

The digital currency extended its gains to a new all-time high on Monday, when it reached an unprecedented $3,440 on Bitfinex. Bitcoin is currently trading at $3,415 with a market capitalization of $56.3 billion, according to Bitcoin.com data.

Experts point to increased investor confidence in the future of cryptocurrency as the reason behind the price jump. Ronnie Moas, founder of financial research firm Standpoint Research, told CNBC that investor confidence is “what supports the cryptocurrency right now.”

Previously, BlockTower Capital CIO Ari Paul chalked up bitcoin’s recent gains “to a brief rally” following a “relatively uneventful” split.